Template:Nutshell 2002 ISDA 2(d)(i): Difference between revisions

Template:Nutshell 2002 ISDA 2(d)(i) (view source)

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-{{isdaprov|2(d)(i)}} {{isdaprov|Gross-Up}}. All payments must be made without withholding unless it is required by law. In that case the payer must:
+{{isdaprov|2(d)(i)}} {{isdaprov|Gross-Up}}. All payments must be made without withholding unless is required by law. <br />
+In that case the payer must:
 :(1) promptly notify recipient;
-:(2) pay the amount required to the tax authorities;
+:(2) pay the necessary amount to the tax authorities;
-:(3) provide the recipient with evidence it has made the payment; and
+:(3) provide the recipient with evidence of the payment it made; and
-:(4) where the withholding is an {{isdaprov|Indemnifiable Tax}}, gross the withholding up to the recipient.
+:(4) where the withholding is an {{isdaprov|Indemnifiable Tax}}, {{tag|gross up}} the withholding to the recipient.<br />
 A payer won't have to gross up where:
 :(1) the recipient failed to provide necessary information to process a rebate; or
 :(2) its Section {{isdaprov|3(f)}} tax representations turned out to be wrong (unless that was brought about by a tax authority taking legal action or a {{isdaprov|Change in Tax Law}} after the {{isdaprov|Transaction}} was executed.